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Argentina Candidates Close Campaigns, Fed Powell Expected To Speak

LATAM
  • Argentina’s pro-business candidate Patricia Bullrich and ruling coalition candidate Sergio Massa close their campaigns at events in Buenos Aires ahead of presidential elections on Oct. 22. Markets continue to show right-wing libertarian candidate Milei as the strong favourite to win the presidency. This is despite an apparent tightening of opinion polls in the last days before the pre-election ban on publishing polls/forecasts came in on 14 October.
  • Venezuela - Reuters carried comments last night from a senior US State Department official stating that the US will ease some oil-related sanctions on Venezuela, "beginning almost immediately" in response to "Tuesday's election deal between the Venezuela government and the opposition."
  • Equity markets were initially lower across the board through the European morning, with poor performance across China and Hong Kong markets feeding directly into poor trade on the continent, however, are trading closer to unchanged levels approaching the US crossover.
  • The Fed chair speaks from the Economic Club in New York. While markets expect little from the Fed on rates at the November meeting, the near 50/50 pricing for another 25bps hike at some point across this cycle leaves an element of uncertainty and will be key for the trajectory of the USD across the week.

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